Alpha Cubed Investments LLC Buys 6,467 Shares of Wells Fargo & Company (NYSE:WFC)

Alpha Cubed Investments LLC lifted its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 17.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,647 shares of the financial services provider's stock after buying an additional 6,467 shares during the quarter. Alpha Cubed Investments LLC's holdings in Wells Fargo & Company were worth $3,062,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of WFC. Horst & Graben Wealth Management LLC raised its stake in Wells Fargo & Company by 6.7% in the first quarter. Horst & Graben Wealth Management LLC now owns 3,045 shares of the financial services provider's stock valued at $219,000 after purchasing an additional 190 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in Wells Fargo & Company by 54.8% in the first quarter. Crossmark Global Holdings Inc. now owns 472,650 shares of the financial services provider's stock valued at $33,932,000 after purchasing an additional 167,312 shares in the last quarter. Washington Trust Bank raised its stake in Wells Fargo & Company by 2.1% in the first quarter. Washington Trust Bank now owns 18,736 shares of the financial services provider's stock valued at $1,345,000 after purchasing an additional 377 shares in the last quarter. U.S. Capital Wealth Advisors LLC raised its stake in Wells Fargo & Company by 6.3% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 28,540 shares of the financial services provider's stock valued at $2,049,000 after purchasing an additional 1,690 shares in the last quarter. Finally, Security National Bank of SO Dak raised its stake in Wells Fargo & Company by 6.4% in the first quarter. Security National Bank of SO Dak now owns 5,699 shares of the financial services provider's stock valued at $409,000 after purchasing an additional 342 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 1.5%

WFC traded down $1.26 during trading on Monday, hitting $82.34. The company's stock had a trading volume of 18,149,860 shares, compared to its average volume of 17,380,211. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $83.95. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock's fifty day moving average price is $75.34 and its 200-day moving average price is $73.50. The firm has a market capitalization of $267.95 billion, a P/E ratio of 14.78, a PEG ratio of 1.40 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. The company's revenue was down 3.4% compared to the same quarter last year. Analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Analyst Ratings Changes

A number of research firms recently commented on WFC. Bank of America boosted their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Truist Financial decreased their target price on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. The Goldman Sachs Group lifted their target price on Wells Fargo & Company from $76.00 to $86.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. TD Cowen initiated coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $78.33.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.